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Friday, 24 February 17
RUSSIAN OIL AND GAS WITHSTANDS OIL PRICE SHOCK - FITCH RATINGS
 Fitch Ratings says in a new report that the Russian oil and gas sector has withstood the oil price stock of 1H16. Key events of 2016 include record crude production levels, Rosneft's acquisition of Bashneft in October 2016 and subsequent privatisation, as well as Gazprom's record gas sales to Europe.
According to Fitch Ratings the completed EUR10.2bn sale of a 19.5% stake in Rosneft to Glencore and the Qatar Investment Authority (QIA) is an important milestone for the sector. The ownership structure of the joint venture appears transparent: Fitch understands the joint venture that holds the stake in Rosneft is owned in equal shares by Glencore and QIA. Fitch does not rate Rosneft and therefore does not have detailed information on the transaction, but information reviewed by Fitch to date has confirmed the shareholding structure and fully resolved the agency's other questions raised at the Oil & Gas conference: "The Time for Cautious Optimism in Moscow on 15 February 2017".
In September-October 2016, Russia increased oil production by some 500,000 barrels of oil equivalent to the record volume of 11.23 million barrels of oil equivalent (mmboepd), mainly due to the launch of and continuing ramp-up across several large greenfields. Following the OPEC deal at end-November 2016, Russia agreed to cut production by some 300mboepd, bringing the post-deal volumes to 10.9mmboepd.
Fitch Ratings further noted that, in 9M16, production from certain Russian oil brownfields increased and natural decline rates moderated, mainly on significantly higher production drilling volumes that some producers demonstrated. Brownfield taxation remains high - the mineral royalty (MET) and the export duty account for 50%-60% of a typical brownfield's revenue - limiting further brownfield production growth potential.
Most Fitch-rated Russian oil and gas companies are on Stable Outlook. The Stable Outlook is driven by our expectation of stable crude production volumes and improving upstream profitability on higher forecast oil prices. Unlike their western European peers, Russian oil and gas companies did not significantly reduce capex or headcount in 2016.
Falling oil prices and taxation changes lowered downstream profitability in 9M16, resulting in higher crude exports and a 20% reduction in fuel oil production. We forecast Russian downstream to continue performing at levels similar to or slightly better than those in 2016, said Fitch Ratings.
Due to competitive gas prices and cold weather, Gazprom posted record high gas sales in Europe in 2016, while its financial results suffered from falling average gas prices. We expect Gazprom's funds from operations (FFO) net leverage to increase to around 2x on high capex; nonetheless, the leverage remains within our rating guidance.
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Monday, 09 January 17
FFA SUPRAMAX: Q1 AND Q2 TRADING UP TO $7100 WHILE CAL17 PRINTED $7250 - FIS
Capesize
Sentiment has swung quickly on capes and although there appears to be a very short list for open tonnage in the Atlantic Feb dates appea ...
Monday, 09 January 17
COAL MARKETS WERE UNEXPECTEDLY ONE OF THE STRONGEST PERFORMERS OF 2016 - SGX
COALspot.com: Coal markets were unexpectedly one of the strongest performers of 2016, with domestic production restrictions in China as well as sup ...
Monday, 09 January 17
THE INDONESIA COAL BENCHMARK PRICE SLIDES AFTER THE RECENT RALLY
COALspot.com: The Indonesia coal benchmark price slides in January 2017 after the recent rally. The government declared benchmark prices for Indone ...
Friday, 06 January 17
U.S. WEEKLY ESTIMATED COAL PRODUCTION TOTALED APPROXIMATELY 12.4 MMST; DOWN 18.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 12.4 million short ton ...
Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze ...
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- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- The University of Queensland
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
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